2 July 2009
Thousands of investors who lost money on Lehman Brothers minibonds held a noisy and sometimes emotional rally yesterday, calling on the chief executive to step down, and saying the fiasco had yet to be resolved.
Waving black banners with the slogans "Lehman [saga] unresolved" and "[Chief Executive Donald] Tsang Yam-kuen step down", the group marched from Victoria Park to the Bank of China tower in Central.
However, protesters became emotional outside the bank, and several tried to storm it. "Give me back the money, Bank of China!" shouted protester Peter Lee as he tried to break through the police line and pull away metal barriers. The 47-year-old had bought more than HK$1 million of minibonds from the bank, the biggest seller of Lehman Brothers-linked investment products in Hong Kong.
"A 100 per cent buy-back!" shouted another protester.
Trying to calm protesters, Peter Chan Kwong-yue, chairman of the Alliance of Lehman Brothers Victims, organiser of the rally, called on them to gather at the building again on National Day, October 1, if the bank had failed to settle the dispute.
Organisers said 25,000 took part in the march, but police said about 4,000 left Victoria Park for Central.
About 48,000 Hongkongers lost most of the HK$20 billion they invested in credit-linked derivatives, such as minibonds, issued or guaranteed by Lehman Brothers, when the American investment bank collapsed in September. Minibonds are not corporate bonds, but consist of high-risk credit-linked derivatives. They are marketed as a proxy investment in well-known companies.
The protesters said they took to the streets because Mr Tsang and the regulators failed to force financial institutions to offer a 100 per cent buy-back of the minibonds. "I'm here today because the bank has cheated me of all my money. I want my money back," Yu Shing, 79, said. Mr Yu insisted on joining the march even though he had difficulty walking after a stroke in November.
Sandra Chow, 45, said she wanted to show her support for other victims although she had already settled her case with the bank.
A government spokesman said that the administration recognised the difficult circumstances faced by minibond investors, and expressed the hope "that the institutions involved will expedite the proper handling of the matter".
He said banks and trustees had been urged to safeguard the interests of holders.
- ► 2013 (308)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
06/28 - 07/05
- Mis-representation on Credit Linked Notes
- Can you solve these 4 shapes?
- Checks and balances
- ATE (After The Event) Insurance
- Credit cards availabe in Singapore as at 15 May 20...
- Fixed deposit interest rate as at 15 May 2009
- Is this negligence?
- Local Transport Service
- Create jobs to help recovery of Global Economy
- SCAM: A bounced cheque
- Request for another Petition to MAS
- Show of support?
- The Standard:New deal to settle minibond buyback
- Was there an attempt to cheat?
- Gathering at Speaker's Corner in August (3)
- Best use for electric car
- Invest in Singapore Government Securities
- What is cheating?
- Politics of Fear
- Australia: List the names of underlying securities...
- Best fixed deposit rates
- SCMP:Minibond victims try to storm bank in protest...
- MRT train lines to come under a single operator
- Cheating and negligence
- Vista Plan (from Zurich)
- Administration of Justice (2)
- Gathering in Speakers Corner
- Compensation should not solely be based on vulnera...
- SCMP:Policy chief expects march to reflect increas...
- Buying a property - facilities
- Administration of Justice (1)
- Brain Workout in The New Paper (weekend)
- The Standard:Banks, SFC meet to thrash out Lehman ...
- Rally in Hong Lim Park
- Excessive credit card charges
- Call for Free Money Advice Scheme
- NTUC Income AGM, May 2009
- Tweak ATMs to do away with cheques
- Comments in my blog
- Insurance company has a duty to render a clear sta...
- ▼ 06/28 - 07/05 (40)
- ► 2008 (2105)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)